Islamic Coin tokenomics
Islamic Coin is the native token of Haqq, the proof-of-stake (PoS) blockchain that operates on Cosmos via the EVMOS protocol. Translated as “truth” in Arabic, Haqq “stringently abides by Islamic views and traditions on finance.”
The idea behind the ISLM coin was to give the global Muslim faithful an instrument through which they could participate in the digital economy. Described as a Halal asset, Islamic Coin is said to be compliant to Shariah.
This means it conforms with the basic principles that guide Islamic life and by extension law, around issues of morality and modesty. Alhashmi said that the Islamic Coin was especially designed to facilitate philanthropic acts.
Islam is the world’s second-largest religion with almost 2 billion followers: that’s roughly a quarter of the world’s population,” Alhashmi, a computer science engineer, told BeInCrypto.
Tokenomics
According to the white paper, Islamic Coin’s supply is limited to 100 billion tokens. Every two years (called an Era), the coin’s emission rate is reduced by 5%. Emission will stop in 100 years from the first block of the first Era, it says. 20 billion tokens were minted in the genesis block.
ISLM is used for payments, network governance, staking and to pay for costs of transacting over the network. “One of the most important purposes of ISLM is to power progress and charity work,” he stated.
Each time new coins are minted, 10% of the issued amount goes to Evergreen DAO, a non-profit “focused on long-term sustainability and community impact.” The coins are deposited into the DAO “to be invested into Islamic internet projects or given to Islamic charities.”
Between 1% to 5% goes to a block proposer and its delegators. The remainder is distributed proportionally to all bonded validators and their delegators. As a proof-of-stake asset, Islamic Coin uses a system of delegators of bonded validators.
These are rewarded in proportion to the amount of the ISLM tokens they have staked to help secure the network and process transactions. Rewards are distributed to the delegators less the validator’s own commission.
Holders of ISLM can lock their tokens by bonding them to validators in a process known as “staking.” By bonding coins, ISLM holders delegate voting power to validators and become delegators. This gives them the right to earn rewards and participate in governance.
About Us
Islamic Coin — purposeful community crypto asset. It’s used as a native coin on the Haqq blockchain. Each time a new Islamic Coin is minted, 10% of the issued amount is deposited into a special. Evergreen DAO for further investment into projects beneficiary for Muslim community or given to Islamic charities. This is the first introduction of a coin bringing direct economic value to a community.